Following fast on the heels of the recent Bernard Madoff Ponzi scheme travesty, the President and founder of a Hauppauge, Long Island-based investment firm turned himself in to authorities late last evening after a warrant was issued for his arrest. Nicholas Cosmo, founder of Agape World Inc., is alleged to have actually been running a Ponzi scheme, bilking numerous investors across Long Island and the United States of their life savings.
Last year, Kessler International, an investigative firm specializing in forensic accounting, computer forensics and corporate investigation, investigated Agape World and found that the bridge loan operation exhibited numerous red flags often associated with Ponzi schemes. Michael G. Kessler, CEO and founder of Kessler International, forwarded the findings to the FBI and other law enforcement agencies in August 2008. Shortly thereafter, the FBI, in conjunction with the United States Postal Inspection Service, launched its own investigation.
To read the complete press release regarding these events, please follow this link.
